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Amendments to the German Money Laundering Act

With the implementation of the 4th EU Money Laundering Directive (RL [EU] 2015/849) in the German Money Laundering Act (Geldwäschegesetz, “GWG”), a transparency register was established in Germany on 01 October 2017. According to this, legal representatives of legal entities and registered partnerships (together, “legal entities”) are obliged, among other things, to report details of their beneficial owners to the transparency register. The aim of introducing the transparency register is to record the natural persons behind company law structures. According to Sec. 3, subsec ...

Duties of the managing directors in times of the COVID-19-pandemic

The COVID-19-pandemic and the government measures taken in this context at federal and state level (such as the closure of facilities and retail stores, the issuing of quarantine orders and exit restrictions) have led to a considerable slump in the German economy, and the financial and capital markets are under considerable pressure. Companies in many industries are directly affected by these negative economic effects in the form of interrupted supply chains, sometimes significant sales losses and the need for protective measures for employees. It is not uncommon for companies to face a con ...

Effects of COVID-19 on lease arrangements according to IFRS 16

As a reaction to COVID-19 in Germany, various civil law provisions on the exclusion of termination in tenancy law, on deferral of payment in consumer loan agreements and contracts that secure the further going concern came into force on 1 April 2020. As a result, rental contracts, in particular, may not be terminated due to rent debts in the period from April to the end of June 2020, provided that the incurrence of the rent debts is attributable to COVID-19, such as the closure of retail stores for a certain period of time. On 10 April 2020, the IASB published a statement which addresses th ...

On alert: How the coronavirus affects current financial reporting

According to the risk assessment of the Robert Koch Institute of 9 March 2020, the so-called SARS-CoV-2 or COVID-19 („coronavirus“) presents a very dynamic and serious situation worldwide and in Germany. It is therefore debatable what financial impact the virus will have on the economy and not whether there will be any financial implications. The Lufthansa Group, for example, recently reported that it is facing drastic declines in bookings and numerous flight cancellations due to the virus. Flight capacity is therefore to be reduced by up to 50% to mitigate the financial consequences of th ...

Proposed amendments for IAS 1 in relation to presentation and disclosure issues: ED/2019/7

IAS 1 ‚Presentation of Financial Statements‘ sets out the general framework and requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for the content of financial statements. On 17 December 2019, the IASB published the ED/2019/7 to replace IAS 1 and amend other standards relating to presentation and disclosure issues. The reason for this is the strong need of investors for better comparability and a uniform structure of the income statements. In addition, the use of different performance indicators of companies has often been ...

nbs partners at the GGI World Conference in Marrakesh from 7th November until 10th November 2019

nbs partners participated in the GGI World Conference from 7th until 10th November in Marrakesh. More than 170 participants from around the world took the opportunity for a professional exchange. Under the guidance of our partner and global chairperson of the Practice Group Meeting Boris Michels (GER) there was a workshop of the practice group Auditing, Reporting and Compliance on 8th November 2019. Focuses were set on the exchange about the most effective tools of recruiting and motivating new employees as well as personnel retention strategies of existing staff members and discussi ...

Germany’s best tax consultants and auditors 2019 – nbs partners receives awards

The Handelsblatt (German business daily) has once again this year awarded the top firms in 2019 in the field of tax consulting and auditing. nbs partners is once again one of the top-ranked firms and receives the awards „Best Tax Consultants 2019“ and „Best Auditors 2019“ from the Handelsblatt, particularly in the areas of accessions and inheritance tax as well as international accounting (IFRS). In the study carried out by the Hamburg market research company “S.W.I. Finance Deutschland” on behalf of the Handelsblatt, specialist questions from certain specialist areas must be an ...

Consequences of the implementation of “IFRS 16 Leases” on Key Performance Indicators

“One of my great ambitions before I die is to fly in an aircraft that is on an airline’s balance sheet…” (Sir David Tweedie, former IASB Chairman, April 2008) IFRS 16 was published by the IASB in 2016 and is effective in the European Union since 1st January 2019. In short, lessees are no longer obligated to account for lease transactions as operating or finance leases; instead, they have to recognize a so-called right-of-use asset and a mostly corresponding lease liability for almost all lease agreements. Subsequently, the right of use asset is usually amortized using the straight-l ...

nbs partners at GGI European conference 2018

nbs partners participated in this year‘s GGI European conference from 19th until 22nd April in the Adlon hotel in Berlin. Besides numerous interesting workshops and meeting more than 200 experts from around the world Boris Michels (GER) hosted a workshop on how to detect and prevent fraudulent activities. Against the background of publicly known fraud cases and professional experiences, similarities and circumstances enabling fraudulent activities were deeply discussed. Special thanks to Andrea van der Giezen (NL) from JAN Auditors & Tax Advisors and Bob Frank (USA) fro ...